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Author: crackdclaw Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127262  
Subject: Re: Reconveyance letter Date: 12/19/2012 3:07 PM
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From your original post:

I'm in the process of refinancing the first mortgage on my house. I also have a HELOC with PNC, who has agreed to subordinate their lien to the new 1st mortgage.

This is where I got a bit confused. If you are refinacing your 1st mortgage, that's actually the HELOC itself, and yet, you also mention subbing a HELOC. Sounds like your in the process of refinacing, by taking out a new 1st mortgage that will pay existing HELOC down to $0. but keeping it open with a $0 balance and having that HELOC subordinated into the 2nd position, from it's current 1st. Lot's of questions to ask of your service providers. My first question to help clarify what's occuring is, who's providing the new 1st? Wonder if they consider this a "cash out" refinance, or a rate and term? May or may not have an impact on both the interest rate and the guidelines for loan approval. Also, the PNC HELOC (the one that is the current 1st with a balance) is moving from 1st position to a 2nd position. Wonder if this will impact the rate and terms of that line?

Also double check and verify which HELOC with PNC is being subordinated. The one that was paid to $0 and marked closed/inactive, or the 2nd HELOC that was subsquently opened up for a larger line amount. You'll want to document that one of those two HELOCS (probably the older one) is correctly closed, and not marked inactive, with the lien released.

The Substitution of Trustee notice lists T.D. Service Company as the new Trustee on my Deed of Trust. I Googled them:

TD Service Company specializes in customized, scalable lien release and reconveyance processing and tracking services.

What are they doing on the Deed of Trust?


This was also from original post, and again a question best asked of a title company and the provider of the new 1st mortgage. It also appears to be unrelated to the issue with the two active HELOCS. But did you get this question answered? I'm curious and always welcome new knowledge, what's T.D. Service Company's role? Are they affiliated with the company issuing the new 1st mortgage?

I've good relationships with a few title companies, and they would be familiar with the above language and companies and could walk me thru this, but it's the holidays and I'm not curious enough to call and ask them.
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